Buying a new horse - what proportion of your savings/income are you prepared to spend?

[maya2008]

Well, I was going to spend what I had spare (beyond savings for vet fund, tax etc) but then my car spectacularly broke and there went that.

Mostly we buy projects and accept it will take time. I spent the money I saved in council tax in Feb/March on a diamond in the rough who is in the process of being backed now and kept my ‘ride’ of younger ones calm past the cows today (in hand), is amazing in traffic and just so calm out and about. Had her pegged for my daughter when I saw the ad and she will absolutely be the sweet, calm, confidence giving pony I expected. I also spent £100 last May for a pony we backed a year later and is proving just what my son needed. Neither of those were very young - first is 10 this year and second 6.

 

[LadyGascoyne]

Another ‘what I can afford to lose’.

I also add what my husband and I refer to as “idiot tax” to horse purchases. 20% of the purchase price aside for when it inevitably costs you more than you thought it would.

Idiot tax applies to stupid car purchases that my husband makes too, and to any boat ever.

I won’t spend for the sake of spending when it comes to horses though. I don’t need a world-beater to have a wonderful time schooling and hacking. I buy nice horses, who are fun to be around and I buy them young so I can produce them myself. For the type, I would pay £3-7k for a yearling - 2yo.

I’m keeping an eye out for a sports horse for our dressage rider to compete on, and I’ll buy that young too. The youngsters I’ve looked at in that category are £20-30k. But I wouldn’t spend that on my farm ponies!

 

[awelshandawarmblood]

I spent a few thousand that was bound for our house deposit at the time Husband would probably say it was worth it for the peace and quiet!

 

[Caol Ila]

Hermosa was really cheap for a PRE, but her breeder has since put up her prices to reflect the market. I see she is selling a full brother, who is turning 2 this summer (so roughly the age at which I bought her) for about 2k more than I paid.

Fin was probably as good as I could get when the horse market went insane in 2021, but probably too expensive for what he was. I went, oh, well, f*ck it, because I'm sort of irresponsible.

I'd pay what I could afford to lose if it all went wrong. But hell, life is short and meaningless, so just get the horse.

I think there are good horses within your budget out there. You just have to keep a close eye and be prepared to make some compromises.

 

[rara007]

YOLO spending on horses here…!

 

[Hallo2012]

I dont do percentages, I'm terrible with numbers, but I work on the theory that I'll only spend what I'm happy to lose, because you never know with horses.

same. My OH asked if (after the dreadful luck ive had with horses over the last few years) we should spend more and i was like NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO thats the WORST idea possible lol.

budget of £5k for the next one because i wouldnt cry myself to sleep losing that. I refuse to spend more.

 

[southerncomfort]

Most I've ever paid was £2000.

The way I see it, I have a husband and 4 kids none of whom currently share my hobby. So I can't justify spending thousands on something that's just for me. Plus, I don't see that spending more guarantees you a horse that stays fit and well.

To be fair, I don't compete apart from the odd show etc, so I don't need something with any particular talent, just something to explore the countryside and have fun with.

I bought Bo for £1100, direct from his breeder as a 4 year old. I did all the work and backed him myself, and he is bloody brilliant! Although I backed him at 4, we didn't get going properly until he was 5. He's had lots of breaks along the way, and we just hacked until he was 7 and fully mature. He's just turned 8 and I've only just started jumping him.

I'm priced out of the market now and he will in all likelihood be my last.

If you find an older youngster ready to start, I think that would be a really good option for you.

 

[lauragreen85]

I would get a loan to buy a horse, means my savings are still there and insure for loss of use.

 

[SaddlePsych'D]

I'm holding on to the dream of having my own, but the 8-10k I estimate I would need feels quite far away at the moment! And that's without a buffer fund. Not helped by needing to get a new car recently as the old one was on it's way out. I don't think I would have the option to get a young horse without a lot of professional help.

 

[sollimum]

Well I bought a 4 year old and one year in, we are now riding away. However, I invested a huge chunk in the right trainer etc, so in my mind I bought him in instalments, once his purchase price, then secondly invested his training and now obviously more ongoing training which we are doing together. But it is staggered spending and I have taken on more work on the way to pay for his training and now reducing my work to spend more time with him.

 

[Alibear]

@sollimum 100% Agree I've spent far more on Amber's training than her purchase price. I think of it as an instalment plan, too. It works for the youngsters I've bred as well. In the long run, they'll cost me more than the purchase price of an equivalent youngster, but I've had the luxury of paying by instalments

 

[KC31]

I spent a small fortune on my old boy. But i never begrudge a penny he is my horse of a lifetime. My young lad, i was fortunate and imported him just before prices went sky high during covid. I know he is now worth at least 5 times what i paid for him but he is going nowhere. I would have liked to have kept my savings but am in the process of a yard purchase so that has all gone out the window! I look at that as my pension pot. Have a bit put away for a rainy day, but i am very much of the mindset that you are only here once! I don't have anyone else to consider in my purchases so am very lucky that what i earn is mine, or the horses!

 

[Muddywellies]

I've never thought if it like that. I bought one a couple of years ago with inherited money, which was 12.5% of my annual salary. It was a baby as I couldn't afford anything else.

 

[scats]

Millie’s been my most expensive at 2.5k and I actually added to a loan to buy her.
I generally buy cheap projects, simply because I never have much money saved.

 

[Surbie]

I got mine by accident and for free)

I like your style! I got mine for £1 and he has genuinely changed my life for the better. This despite only being able to ride him for half the time I've had him...

See I have land but a job where there is no promotion!

This year I got a second job in a supermarket to pay for mine. 2 shifts a week. Plus the discount means my food bills are considerably reduced.

My friend is selling hers - gorgeous baby Spanish horse with the sweetest temperament and nearly nothing done bar hacking since he's been broken. I adore him and am very tempted but he's just a leeetle bit big for me.

I am of the 'spend what you feel comfortable with' mindset, but have no dependents and am currently pretty secure now the other job is in play. I don't have massive aspirations to compete at high levels though.

 

[lynz88]

This despite only being able to ride him for half the time I've had him...

OMG doesn't that sound familiar.....!!!

 

[Slightlyconfused]

Instead of buying another what about a loan from one of the horse charities? I know a few friends who have gone this route and had amazing horses from it.

We had an ex racer from the BTRC, just paid a one off loan fee and our tb was amazing. And if we ever became unable to afford him he would have gone straight back as they retain ownership.

 

[Birker2020]

I know purchase price and buyer/seller nightmares are regularly done on here but with horse prices now relatively high (compared to 19 years ago when I bought BBP!) I’m curious about how much people are prepared to spend relative to what they earn/have in savings? I’m not quite sure how to phrase it. The horses I have recently seen that might suit me seem to be around the £6000-£8000 bracket and I’m in no way saying they are over priced. But relative to my salary and savings it’s a big chunk of money for someone like me to spend on something flesh and blood that could break the next day (or be messed up already based on my most recent purchases, although neither cost that much). For less I can only get another youngster (and now I like to wait til 5 to back that is a long term investment), a broken one or an ex racer.

Part of me thinks, ‘life is short, buy the horse’ (repeated to me by a friend with cancer who is making the most of life with her lovely horse), whilst the other part thinks, ‘what if I need those savings for vets bills for the creatures I already have’ or to pay off a chunk of the mortgage…I’d say or use to go on holiday, but realistically with horses/dogs that isn’t going to happen anyway!

So I’m curious as to how other people budget it and which side of the angel/devil on your shoulder you fall?

Up to 1/3rd of my annual income to buy now I have got a decent paid contract.

I've saved for a long time and gone without for my next horse. I constantly live in fear that can't be able to afford two horses but what can I do? I can't have Lari pts so I can have another, I just can't. So I am saving and continue to save for a contingency so hopefully can cover him for another winter or two. I'm very risk adverse and tend to worry and over think though.

 

[PSD]

With the prices of horses now, I don’t think I’ll ever be comfortable buying something ready made. Will have to be a youngster!

Same here. Most I’ve spent is 2500 and that was when prices were crazy in 2021 so I did get lucky, but that was because I bought from a friend.

I couldn’t justify spending what people are asking for something ready made these days. Plus I think my trust in sellers has gone, far too many dodgy people selling horses nowadays you have to be very experienced in what you’re looking at. Which I’m not I see a pretty pony and I like! For something I’d want - bombproof, easy to do, can do a bit of everything - I’d be looking at 5 figures. I can afford that but I refuse to spend so much.

So off the back of that, I bought a yearling recently. In the hope I can “shape her” into what I want from a horse. Plus I know all about her background as she’s coming from the breeder - no nasty surprises hopefully

 

[SpotsandBays]

Same here. Most I’ve spent is 2500 and that was when prices were crazy in 2021 so I did get lucky, but that was because I bought from a friend.

I couldn’t justify spending what people are asking for something ready made these days. Plus I think my trust in sellers has gone, far too many dodgy people selling horses nowadays you have to be very experienced in what you’re looking at. Which I’m not I see a pretty pony and I like! For something I’d want - bombproof, easy to do, can do a bit of everything - I’d be looking at 5 figures. I can afford that but I refuse to spend so much.

So off the back of that, I bought a yearling recently. In the hope I can “shape her” into what I want from a horse. Plus I know all about her background as she’s coming from the breeder - no nasty surprises hopefully

I bought a colt a few years ago from the breeder (£1000 - before the prices rocketed) he’s 6 now and such a nice person. Best thing I’ve ever done!

 

[TheHairyOne]

Ive spent the most money i ever have on my new one a couple of months ago, but still under the max of what i was prepared to throw away (5k). For what i was looking for i had to go with a barely handled 3 year old, but its not the first youngster ive had, just the most expensive! But its also the first time I have gone to find a horse for hopefully a specific job, rather than just a riding horse to enjoy a bit of everything.

For me the decision on actually getting a 2nd horse was 'can i afford all the monthly bills, plus extra and still save?' Thanks to a promotion last year the answer was yes.

He will cost me over the next 2 years what buying a 5 year old now would have done, but i also dont think I would have got as nice a 5 year old in terms of movement/confo etc for that same investment. And i didnt have a heart attack inducing panic over his purchase price and get to shape his future the way i think horses should be rather than buying someone elses problems. Time will tell if it was the right decision or not.

 

[LoxandKey]

Some really interesting responses here.

I think for me it depends on the horse (not very helpful, sorry…) and also situation.

I don’t have any kids, not much outgoings, so I’ll be happy to save and spend more than I probably should, lol.

If I had family or major financial responsibilities then it’d change my budget for sure.

 

[Trouper]

I think my answer to this is "whatever your conscience allows". I worry about financial security so could never go too mad as, let's face it, it is throwing money away. On the other hand, happiness comes in all forms and if it happens the only happiness you really find is in four hooves, then that is priceless.

I would second @Slightlyconfused though. Giving a home to a horse from a re-homing charity not only mitigates much of the financial guilt and risk but also gives you a lot of smug satisfaction!!!!

 

[SO1]

I think not everyone has the skills to take on unbacked or youngsters and for some people it might be sensible to buy a ready made horse. For those of us who are not skillful and confident and I include myself in that we need a very special type of horse and they probably won't come cheap.

 

[gallopingby]

Back to the % question - probably how much you’re prepared to loose assuming you’ve a regular source of income to fund everything else. Someone once told me a horse should cost at least the price of a small car for starters and in inflation terms this is probably correct. Regarding income though for a half decent horse you’re probably looking at around 25% of a basic annual wage for starters. Of course most people aren’t on a basic wage or have other income fields. The cost of keeping horses has increased significantly in recent years especially for people unable or unprepared to keep them at home. Having said that my first horse many years ago probably cost a months salary and was unbroken.

 

[Polos Mum]

I lost horse of a lifetime (who was a freebee!)

I tried the TB route and ended up PTS with kissing spine
I tried the charity route and ended up sending back within 2 months and probably blacklisted by charity (who wanted me to spend £kkk on complex vet investigations for back issues)
I tried spending a touch more than I was happy to burn (a good rule of thumb) which was not small even by todays standards and ended up with a retiree after 4 months of riding.

I have then spent £1k or less on a youngster every other year with a view that one or two of them would work out !

First one is now 8 y/o lovely (biased) but won small ODE, won winter dressage series, is climbed on by small nieces when needed and has a lot more to come. There is no way I could afford him now or even what he was 2 years ago.

 

[BBP]

Thanks for sharing, some interesting viewpoints!

 

[Bernster]

It is mind boggling how much they cost in % income terms, to buy and then to keep/maintain! Good job we love em.

 

[ElleSkywalkingintheair]

Re tracking and adding up expenses; some of you are masochists.

I once did a survey for the BHS or something re cost of horses, at the end after I'd gone through how much feed/hay/bedding/lessons/farrier/competing etc I used/did the rather nice chap asked if I wanted to know what I'd spent on my 5 in the last year. My answer was a very firm no

The most I've paid for a horse was for Fluffles who at the time was a fair price but now I'd say was a bargain. The other 6 I've bought added up cost less than Fluffles purchase price if I go on my home breds stud fee. If I go on unsuccessful AI attempts etc Gingerface Jr cost about 4k in 2011, and am now trying to get her in foal and have spent over 2k already and no foal.

If I were to buy another rather than breed another I'd probably say up to 10k